Quote:
Originally Posted by Bigtime
Ouch, a special assessment of $10,000+? No thanks.
When I was president of our board at arriVa we had to issue a special assessment to complete construction work left outstanding by Torode and company (roof, roof anchor equipment, construction clean of exterior windows, a few other items). The funny thing was when people found out how much it would cost them they were actually surprised that it was so little (~$2500 unit), everyone was expecting massive bills to complete the work!
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I sold a unit @ this time in the complex and recall the special assessment being at least double that. I thought it was something like 3 installments in the price range of $2500. Either way, many condo owners are faced with a special assessment. All you can do to protect yourself is ensure the board is in good financial standing and review all condo documents.